Tuesday, 23 September 2014
Last updated 2 hours ago
Jan 15 2014 | 11:31am ET
The U.S. Supreme Court has asked the Obama administration for its opinion on whether it should take up the Bernard Madoff trustee's bid to sue the arch-fraudster's banks.
Irving Picard has asked the court to overturn a lower-court ruling that barred him from suing the Ponzi schemer's banks for nearly $30 billion. The U.S. Second Circuit Court of Appeals ruled that he lacked the standing to sue on behalf of Madoff's victims; according to that court, he "stands in the shoes" of Madoff and not of Madoff's clients.
This week, the court asked U.S. Solicitor General Donald Verrilli to file a brief outlining the White House's opinion on that decision.
According to Picard, HSBC, UniCredit and UBS "are as responsible as Madoff for the enormous magnitude of customer losses." Picard was also suing JPMorgan Chase, but accepted a $543 million settlement with the bank last week, part of JPMorgan's $2.7 billion deal with the government.
The banks counter that the Second Circuit's decision was in line with precedent and therefore an "unremarkable conclusion."
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.